BOSTON, June 16 /PRNewswire/ -- MGI Properties ("MGI") (NYSE: MGI), an equity real estate investment trust, today reported 1993 second quarter and six-month results. Funds from operations for the quarter ended May 31, 1993 were $3,035,000, or 30 cents per share on the greater number of shares outstanding, compared to $2,866,000, or 30 cents per share, earned in the comparable 1992 quarter. Net income was $1,244,000, or 12 cents per share on the greater number of shares outstanding, vs. $1,347,000, or 14 cents per share, reported in the 1992 second quarter. MGI issued and sold 2,000,000 common shares in May 1993.
Funds from operations for the six months ended May 31, 1993 were $7,092,000, or 73 cents per share on the greater number of shares outstanding, compared to $5,670,000, or 60 cents per share, earned in the comparable 1992 period. The 1993 year-to-date results include income of $1,030,000, or 11 cents per share, received in connection with a lease assignment and amendment in the first quarter. Net income was $3,627,000, or 37 cents per share on the greater number of shares outstanding, in the current six month period, vs. $6,326,000, or 67 cents per share, reported a year ago. The 1992 year-to-date results included the recognition of a $3,700,000 gain, equal to 39 cents per share.
W. Pearce Coues, chairman of the Board of Trustees, stated that MGI has completed the previously announced $8.6 million acquisition of a 107,500-square-foot, 96 percent leased office building in the financial district in Boston, and the $7.0 million purchase of a 294,000 square- foot distribution facility in Wilmington, Mass. Coues noted that the industrial facility's occupancy at closing was 86 percent compared to 73 percent at the time MGI committed to purchase it. Coues also stated that several additional investments are under review.